Milwaukee-based Physicians Realty Trust today reported a third quarter net loss of $2.3 million, or six cents lost per share, compared to a net loss of $1.4 million, or 10 cents lost per share, in the third quarter of 2013.
The real estate investment trust, which focuses on health care properties, reported revenue of $14.2 million, up from $3.7 million in the same period a year ago.
“This quarter was one of our most successful quarters to date, as we were able to add 16 high quality properties to our portfolio with an aggregate value of $226 million,” said John Thomas, president and chief executive officer of PRT. “Including these newly acquired buildings, our portfolio has grown from $124 million in assets at our IPO just over one year ago to more than $700 million today. We are excited about our growth trajectory and our team’s execution as we work to become one of the leading owners of high quality medical properties in the U.S.
“With Jeff Theiler’s leadership, we continue to make progress towards building a strong balance sheet, which will enable us to capitalize on our acquisition pipeline and support long-term growth. In addition to implementing a new $150 million at-the-market equity program, we successfully completed a follow on equity offering in September, raising $145.7 million in net proceeds. On the lending side, Jeff worked closely with our banking relationships to establish a new $400 million unsecured revolving credit facility, which significantly reduces our cost of borrowing and increases our financial flexibility. We believe these enhancements to our capital structure will help us continue to grow our portfolio of high quality medical office buildings and create sustainable shareholder value along the way.”
PRT, which launched its initial public offering in July 2013, has also announced it will join the MSCI US REIT Index at the close of business on November 25.